The non-conservative form of momentum equations is often used for some two-phase flow codes instead of a conservative form because of numerical convenience. Another non-conservative form, so called, a semi-conservative form can improve the numerical solution of these codes maintaining the numerical convenience. It is close to the conservative form but still maintains the feature of the non-conservative form. A semi-conservative form of the momentum equations and a non-conservative form of the momentum equations are implemented in CUPID[1] code. The numerical results of the semi-conservative and the non-conservative forms are compared against analytical solutions and the solutions of the FLUENT code that uses the conservative form. The results clearly showed that the semi-conservative form of the momentum equations provides better solutions than the non-conservative form, especially for heterogeneous two-phase flows.